It’s not just SpaceX: Big Tech is dominating bond markets too

Big Tech is increasingly dominant in global bond markets as Amazon, Meta, Alphabet and Oracle have issued a combined $159bn of bonds this year, including about $50bn of reverse Yankee deals. US groups have supplied over 20% of investment-grade issuance in several non‑dollar markets in the first four months of the year, creating concentration and diversification risks for global fixed‑income portfolios. Large, low‑yielding issuances (eg Alphabet’s ¥577bn five‑year at 2.4%) appeal to local investors but can leave portfolios exposed to a handful of hyperscalers. With tech capex forecast at more than $2tn over three years, the trend should boost the role of active management and alternatives for investors seeking true diversification.